IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Shin Etsu Chemical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a> has announced a secondary offering of up to 23.7 million shares (27.2 million including overallotment), worth around US$0.8 billion (US$1.0 billion including overallotment).</li>
<li>The goal of the secondary offering seems to be to facilitate the exits of several shareholders and improve liquidity.</li>
<li>The offering as a percentage of outstanding shares and ADV is small compared to recent large placements. An ongoing JPY100 billion share buyback will further mitigate the impact.</li>
</ul>



Shin Etsu Chemical (4063 JP) has announced a secondary offering of up to 23.7 million shares (27.2 million including overallotment), worth around US$0.8 billion (US$1.0 billion including overallotment).
The goal of the secondary offering seems to be to facilitate the exits of several shareholders and improve liquidity.
The offering as a percentage of outstanding shares and ADV is small compared to recent large placements. An ongoing JPY100 billion share buyback will further mitigate the impact.


Shin Etsu Chemical (4063 JP): A US$1.0 Billion Secondary Offering

<ul>
<li>Since the announcement of the US$0.8 billion secondary offering, <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a>’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda's share decline is better than the median of recent large placements.</li>
<li>The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the announcement of the US$0.8 billion secondary offering, Toyoda Gosei (7282 JP)’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda's share decline is better than the median of recent large placements.
The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.


Toyoda Gosei (7282 JP): The Current Playbook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).</li>
<li>Toyoda Gosei's primary goal with the secondary offering is to reduce <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>'s shareholding to around 20% of outstanding shares.</li>
<li>The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.</li>
</ul>



Toyoda Gosei (7282 JP) has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).
Toyoda Gosei's primary goal with the secondary offering is to reduce Toyota Motor (7203 JP)'s shareholding to around 20% of outstanding shares.
The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.


Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

The Pinkfong Company / Equity Capital Markets

<ul>
<li>The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025. </li>
<li>The company plans to issue 2 million shares in this listing. The IPO price range is from 32,000 won to 38,000 won per share.</li>
<li>At this price range, the expected expected market cap of the Pinkfong company ranges from 463 billion won (US$331 million) to 550 billion won ($393 million).</li>
</ul>


The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025. 
The company plans to issue 2 million shares in this listing. The IPO price range is from 32,000 won to 38,000 won per share.
At this price range, the expected expected market cap of the Pinkfong company ranges from 463 billion won (US$331 million) to 550 billion won ($393 million).


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.</li>
<li>On the placements front, as well, market remains receptive for both primary and secondary offerings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.
On the placements front, as well, market remains receptive for both primary and secondary offerings.


ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Japan

TOEI ANIMATION CO., LTD. plans and produces animated cartoon movies.  The Company also grants broadcasting rights and licenses for other companies to produce and sell the animated characters' merchandise.  Toei Animation stages its own promotional shows and events to advertise movies.

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Toei Animation (4816 JP)

Shin Etsu Chemical (4063 JP): A US$1.0 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is small compared to recent large placements. An ongoing JPY100 billion share buyback...

Arun George

Toyoda Gosei (7282 JP): The Current Playbook

The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.

Arun George

Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.

Arun George

The Pinkfong Company IPO Preview

The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025. The IPO price range is from...

Douglas Kim

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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